Just Group has become the first UK insurer to launch a green bond, raising £250 million to invest in sustainable assets.
The group said it was part of efforts to “act decisively” in playing its part in the country moving towards a more sustainable, lower-carbon economy. The proceeds from the bond will be used to help facilitate investment in green buildings, renewable energy and clean transportation projects.The bond is a sterling-denominated, fixed-rate tier two offering, which matures in 2031.
In July, Just launched the UK’s first Green Lifetime Mortgage, offering discounted rates to reward customers with the most energy efficient homes. The insurer has also invested £360 million in offshore wind and solar farms and more than £250 million in social housing and local authority loans.
“ESG factors have long been a prime consideration in our investment decisions and are reflected in our significant financing of renewable energy such as the Walsey and Hornsea wind projects and other positive social impact investments,” said Just Group chief executive David Richardson.
“The financial services sector bears a weighty responsibility in leading the country towards a more sustainable way of life, and the Green Bond enshrines our commitment to supporting the transition to a low-carbon global economy,” he added.